LiveLawBiz IBC Weekly Digest: September 28 - October 3, 2026
Kirit Singhania
6 Oct 2026 1:46 PM IST
SUPREME COURT
Can NCLT Allow Withdrawal Of CoC-Approved Resolution Plan? Supreme Court Reserves Verdict
Case Title : BANK OF INDIA VS. S.M KAMAL PASHA
Case Number : DIARY NO. - 37619/2026
The Supreme Court on Wednesday reserved its judgment on whether the National Company Law Tribunal can permit withdrawal of an application seeking approval of a resolution plan after the Committee of Creditors has approved the plan and submitted it to the Adjudicating Authority A Bench of Justices J.B. Pardiwala and K. Vinod Chandran was hearing Indian Bank's challenge against the National Company Law Appellate Tribunal's April 20, 2026, order concerning TD Toll Road Pvt Ltd, which had set aside the NCLT's decision allowing withdrawal of the resolution plan approval application.
Case Title : GREENOPOLIS WELFARE CONFEDERATION vs RAKESH KUMAR GUPTA AND ORS.
Case Number : C.A. No. 6792-6796/2023
CITATION : 2026 LLBiz SC 321
The Supreme Court has held that the National Company Law Tribunal (NCLT) can recall an order admitting insolvency proceedings if the jurisdictional facts on which the proceedings were based are later found to have been affected by fraud or collusion. The court, however, clarified that such a finding does not automatically mean that the entire Corporate Insolvency Resolution Process (CIRP) must end.
Supreme Court Orders Status Quo Over ₹54 Crore Deposit In Moser Baer Solar Asset Auction
Case Title : COMMITTEE OF CREDITORS OF MOSER BAER SOLAR LIMITED VS. JFC FINANCE (INDIA) LIMITED
Case Number : DIARY NO. - 59303/2026
The Supreme Court on Thursday directed parties to maintain status quo in a dispute concerning the ₹54 crore deposit made by JFC Finance (India) Ltd. in the fresh auction of assets of corporate debtor Moser Baer Solar Ltd.
The dispute concerns whether the Liquidator can retain JFC's deposit until the successful bidder pays the entire sale consideration of ₹168 crore.
NCLAT
Case Title : Assistant Commissioner Vs Shruti Gupta & Ors
Case Number : Company Appeal (AT) (Insolvency) 745/2025
CITATION : 2026 LLBiz NCLAT 373
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has held that a secured creditor's failure to communicate its decision regarding its security within 30 days of commencement of liquidation results in the assets covered by the security being presumed to form part of the liquidation estate. “As the creditor did not give its choice of non-relinquishment of security within 30 days, it is presumed that the creditor relinquished its security against the Corporate Debtor,” a bench comprising Judicial Member Justice Sharad Kumar Sharma, Technical Member Arun Baroka and Indevar Pandey observed.
Case Title : Dr. Subhash Chandra Personal Guarantor VS Shiv Nandan Sharma Resolution Professional
Case Number : Company Appeal(AT)(Ins) 1818/2026 & 1856/2026
The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notice in an appeal filed by Essel Group Chairman Subhash Chandra. The appeal challenges a September 1 order of the Delhi Bench of the National Company Law Tribunal (NCLT), which restrained him from alienating his assets during insolvency proceedings initiated against him as a personal guarantor.
NCLAT Refuses To Set Aside CIRP Admission On Post-Admission Settlement, Directs IRP To Approach NCLT
Case Title : Vijaybhai Dhanjibhai Detroja v. Vidres India Ceramics Private Limited & Anr
Case Number : Comp. App. (AT) (Ins) No. 1698 of 2026
CITATION : 2026 LLBiz NCLAT 375
The National Company Law Appellate Tribunal (NCLAT) at New Delhi has refused to set aside an insolvency admission order solely on the basis of a settlement reached after the Corporate Insolvency Resolution Process (CIRP) had begun. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha held that a settlement reached after admission of a Section 9 application cannot by itself efface the admission order or bring the CIRP to an end.
Case Title : EASTERN POWER DISTRIBUTION COMPANY OF ANDHRA PRADESH LIMITED. Vs DAULAT RESOLUTION SERVICES PVT. LTD
Case Number : Company Appeal (AT) (Insolvency) 347/2026
CITATION : 2026 LLBiz NCLAT 374
The National Company Law Appellate Tribunal (NCLAT) has observed that litigants should not be made to suffer when lawyers, because of professional misunderstandings, grudges or monetary disputes, stop effectively pursuing their cases.
NCLAT Issues Notice To Eros On Phantom Studios' Insolvency Appeal
Case Title : Phantom Studios India Pvt. Ltd. Vs. Eros International Media Ltd.
Case Number : Comp. App. (AT) (Ins) No. 1800 of 2026
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has issued notice to Eros International Media Ltd. in an appeal filed by Phantom Studios India Pvt Ltd against dismissal of its insolvency plea.
Restoration Plea Filed Beyond 30 Days Can't Be Entertained Without Condonation Of Delay: NCLAT Delhi
Case Title : Vivekanand Rai & Anr. v. Chemie-Tech Projects Ltd
Case Number : Comp. App. (AT) (Ins) No. 1924 of 2025
CITATION : 2026 LLBiz NCLAT 376
The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) at New Delhi, on 18 September held that an application seeking restoration of a company petition dismissed for non-appearance under Rule 48(2) of the NCLT Rules, 2016 must be filed within 30 days of the dismissal. If filed beyond this period, the applicant must first seek condonation of delay.
Subsequent CIRP Makes Earlier Appeal Against Insolvency Rejection Infructuous: NCLAT New Delhi
Case Title : Mekaster Finlease Limited v. Prayag Polytech Private Limited
Case Number : Company Appeal (AT) (Ins.) No. 1582 of 2025
CITATION : 2026 LLBiz NCLAT 377
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 18 September held that an appeal against rejection of a creditor's application to initiate Corporate Insolvency Resolution Process (CIRP) becomes infructuous once CIRP has already commenced against the same Corporate Debtor in a subsequent proceeding.
OTS Failure Cannot Create Fresh Default For CIRP, Original Debt Position Revives: NCLAT Chennai
Case Title : UMA MAHESWARI Vs UCO BANK & RAMAKRISNAN SADASIVAN
Case Number : Company Appeal (AT) (Insolvency) 136/2023
CITATION : 2026 LLBiz NCLAT 378
On 28 September, the National Company Law Appellate Tribunal (NCLAT) at Chennai held that failure to comply with the terms of a One-Time Settlement (OTS) does not constitute a fresh default for initiating the Corporate Insolvency Resolution Process (CIRP).
Personal Guarantor Who Settled Company Debt Cannot Claim Financial Creditor Status: NCLAT
Case Title : Tamil Nadu Mercantile Bank Limited Vs E.Santhanalakshmi & Ors
Case Number : Company Appeal (AT) (Insolvency) 19/2025, 20/2025, 21/2025, 430/2025
CITATION : 2026 LLBiz NCLAT 380
The National Company Law Appellate Tribunal (NCLAT), Chennai, has held that a personal guarantor who settled a corporate debtor's dues with its financial creditor, did not become a financial creditor in the liquidation proceedings. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain found that there was no assignment of the debt in S.V. Ramasamy's favour. He had also not sought substitution of Tamil Nadu Mercantile Bank (TMB) in the liquidation proceedings.
ESI Contributions Cannot Be Treated As Ordinary Operational Debt Under IBC: NCLAT
Case Title : Employees State Insurance Corporation Vs Sri Lakshmi Srinivasa Jute Mills Private Limited & Ors
Case Number : Company Appeal (AT) (Insolvency) 410/2022
CITATION : 2026 LLBiz NCLAT 379
The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that ESI contributions covered by the statutory trust mechanism cannot be treated as ordinary operational debt merely because the Employees State Insurance Corporation filed its claim as an operational creditor.
NCLAT Directs NCLT To Hear Collusion Plea Before Deciding Insolvency Case
Case Title : Shri Sant Eknath Co-operative Sugar Factory Ltd. v. Sachin Ghayal Sugar Pvt. Ltd. & Anr.
Case Number : Company Appeal (AT) (Ins.) No. 1767 of 2025
CITATION : 2026 LLBiz NCLAT 381
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently directed the NCLT, Mumbai Bench, to first decide an application filed by a sugar cooperative alleging that a Section 7 insolvency case against a company was collusive and could prejudice its rights.
Reliance Brand Dispute: NCLAT Dismisses ADAVL Appeal After Reliance Capital Becomes IndusInd
Case Title : Anil Dhirubhai Ambani Ventures Pvt. Ltd. Vs Reliance Capital Ltd. & Anr
Case Number : Company Appeal (AT) (Insolvency) 2263/2024
CITATION : 2026 LLBiz NCLAT 382
The National Company Law Appellate Tribunal (NCLAT) has recently dismissed as infructuous an appeal concerning the use of the “Reliance” brand name by IndusInd International Holdings Ltd (IIHL) following its takeover of Reliance Capital.
The appeal was filed by Anil Dhirubhai Ambani Ventures Pvt. Ltd. (ADAVL), which had challenged the Mumbai bench of the National Company Law Tribunal's (NCLT) decision allowing IIHL to use the “Reliance” name as part of its takeover of Reliance Capital. The appeal became infructuous after Reliance Capital changed its name to "IndusInd."
Personal Guarantors Cannot Revive Appeals After OTS Fails Due to Their Own Default: NCLAT
Case Title : Arun Singh @ Arun Kumar Vs Indian Bank & Anr.
Case Number : Restoration Application (AT) No. 21/2026, 22/2026, 23/2026
CITATION : 2026 LLBiz NCLAT 385
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently refused to restore appeals filed by three personal guarantors after a ₹4.60 crore One-Time Settlement (OTS) with Indian Bank failed. The tribunal held that the guarantors could not rely on the liberty granted in an earlier order to take advantage of theirown default.
Case Title : Rajesh Uttamchandani Vs Vijay Pitambar Lulla & Ors
Case Number : Company Appeal (AT) (Insolvency) 333/2026
CITATION : 2026 LLBiz NCLAT 386
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that once the insolvency resolution period expires without receipt of a resolution plan or a valid extension, liquidation becomes mandatory under the Insolvency and Bankruptcy Code (IBC).
NCLT
Case Title : Think & Learn Pvt Ltd v. Aakash Educational Services Ltd and Ors
Case Number : CP 46/BB/2025
CITATION : 2026 LLBiz NCLT(BEN) 951
The National Company Law Tribunal at Bengaluru on Thursday deferred orders on the settlement between Byju's parent Think & Learn Private Limited and Aakash Educational Services Limited over Aakash's rights issue, directing the parties to first comply with several requirements.
IBC Amendment On Personal Guarantors Applies Retroactively To Pending Proceedings: NCLT New Delhi
Case Title : Equentia Financial Service Pvt. Ltd. v. Saloni Ayush Aggarwal
Case Number : : IA-798/ND/2026, IA-638/ND/2026, IA-972/ND/2026 in CP (IB)-652/ND/2025
CITATION : 2026 LLBiz NCLT (DEL) 949
The National Company Law Tribunal (NCLT), New Delhi held on 31 August that the 2026 amendment to Section 96 of the Insolvency and Bankruptcy Code, 2016 (IBC) applies retroactively to pending insolvency proceedings against personal guarantors to corporate debtors.
Appellate Challenge Affecting Resolution Plan Can Extend Timeline Under Plan Terms: NCLT Kolkata
Case Title : Mukesh Goyal v. CA Santanu Brahma & Ors.
Case Number : I.A. (IBC) No. 1880/KB/2025; I.A. (IB) No. 371/KB/2026; I.A. (IB) No. 911/KB/2026 in C.P. (IB) No. 1518/KB/2020
CITATION : 2026 LLBiz NCLT (KOL) 950
The National Company Law Tribunal (NCLT), Kolkata Bench, has held that where an approved Resolution Plan provides for exclusion of the period affected by appellate proceedings, the implementation timeline stands extended in accordance with the Plan without requiring a formal stay order or fresh approval by the Committee of Creditors (CoC).
Corporate Debtor's Sub-Threshold Default Does Not Bar Personal Guarantor Insolvency: NCLT Chennai
Case Title : Mrs V Lakshmi
Case Number : CP(IBC)/52(CHE)2025
CITATION : 2026 LLBiz NCLT(CHE) 952
The National Company Law Tribunal (NCLT) at Chennai on 15 September held that insolvency resolution proceedings can be initiated against a personal guarantor even when the corporate debtor's default is below the statutory threshold for initiating the Corporate Insolvency Resolution Process (CIRP).
Case Title : Jayanti Lal Jain, IRP of DK Infrastructure Pvt. Ltd. v. Arvind Mathur & Ors
Case Number : I.A. No. 4684 of 2024 in C.P. (IB) No. 644/MB/2020
CITATION : 2026 LLBiz NCLT (MUM) 953
The National Company Law Tribunal (NCLT), Mumbai, has ruled that a bank guarantee can be invoked and encashed during the moratorium imposed on a company undergoing insolvency proceedings. The bench of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati held that the bank guarantee in the case fell within the exception under Section 14(3)(b) of the Insolvency and Bankruptcy Code (IBC). The provision excludes a surety in a contract of guarantee to a corporate debtor from the operation of the moratorium.
Case Title : Shailendra Kataria, Authorised Representative of Creditors in Class (Homebuyers) v. Manish Lalji Dawda, Resolution Professional of Wadhwa Buildcon LLP
Case Number : IA/5387/2024 C.P. (IB)/2946(MB)2019
CITATION : 2026 LLBiz NCLT (MUM) 954
The National Company Law Tribunal (NCLT) at Mumbai on 11 September held that a Resolution Professional (RP) can re-verify claims admitted by an erstwhile RP when the available records disclose deficiencies, discrepancies or concerns regarding their authenticity. Such verification is part of the RP's statutory duty to maintain and update the list of creditors and does not amount to adjudication of disputed rights.
NCLT Ahmedabad Rejects Button Industries' Insolvency Plea Against Viaz Tyres Over ₹1.16 Crore Dues
Case Title : Button Industries Pvt Ltd vs Viaz Tyres Limited
Case Number : C.P.(IB)/482(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 956
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 24 September rejected an insolvency petition filed by Button Industries Private Limited against Viaz Tyres Limited over alleged dues of Rs. 1.16 crore.
Case Title : Rajputana Constructions Private Limited v. Rajasthan Land Holdings Limited
Case Number : IA(IBC) No. 155/JPR/2024
CITATION : 2026 LLBiz NCLT(JAI) 958
The National Company Law Tribunal (NCLT), Jaipur Bench, on Monday delivered a split verdict on whether it can grant blanket protection from statutory, civil, and penal consequences arising from alleged defaults during a company's Corporate Insolvency Resolution Process (CIRP). Technical Member Kavita Bhatnagar held that such consequences must be examined by the authorities empowered under the respective statutes, while Judicial Member Reeta Kohli took a contrary view and allowed the application seeking protection.
Case Title : Phoenix ARC Private Limited v. M/s Cherupushpam Films Private Limited
Case Number : CP(IBC)/51/KOB/2022
CITATION : 2026 LLBiz NCLT(KOC) 959
The National Company Law Tribunal (NCLT) at Kochi has ruled that a settlement reached during the insolvency proceedings of a principal borrower does not, by itself, prevent insolvency proceedings against its corporate guarantor.
Case Title : State Bank of India v. Mangalagiri Textile Mills Pvt. Ltd.
Case Number : IA (IBC)/365/2026 in CP(IB)/76/7/AMR/2022
CITATION : 2026 LLBiz NCLT (AMR) 960
The National Company Law Tribunal (NCLT), Amravati Bench, has recently held that a CoC resolution passed after commencement of liquidation cannot retrospectively satisfy the requirement of a prior recommendation under Regulation 39BA for pursuing a compromise or arrangement under Section 230 of the Companies Act. The bench comprising Judicial Member Kishore Vemulapalli and Technical Member Umesh Kumar Shukla held that a later resolution authorising the liquidator to explore such a compromise could not cure the statutory requirement under Regulation 2B.
Financial Creditor's RP Recommendation Does Not Invalidate Appointment Under IBC: NCLT Hyderabad
Case Title : M. Indrasena Chowdary v. Murali Mohan Chevuturi & Ors.
Case Number : IA No. 722 of 2026 in CP (IB) No. 105/95/HDB/2025
CITATION : 2026 LLBiz NCLT (HBD) 963
The Hyderabad Bench of the National Company Law Tribunal (NCLT) held on 7 September that a Financial Creditor's recommendation of an Insolvency Professional in a Section 95 application does not, by itself, invalidate the subsequent appointment of that person as Resolution Professional under Section 97 of the Insolvency and Bankruptcy Code, 2016 (IBC).
NCLT Delhi Allows Insolvency Withdrawal Against HIL India After Creditor Settlements
Case Title : IDBI BANK LIMITED Vs HIL (INDIA) LIMITED
Case Number : I.A. No. 1432 OF 2026 IN C.P. (IB) I.B.C. No. 404(PB) OF 2024
CITATION : 2026 LLBiz NCLT (DEL) 968
The Delhi Bench of the National Company Law Tribunal (NCLT) on 30 September allowed withdrawal of the corporate insolvency resolution process (CIRP) against HIL (India) Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC), following settlements with its creditors.
Familial Disputes Alone Can't Establish Fraudulent Insolvency Proceedings Under IBC: NCLT Chandigarh
Case Title : Monica Agarwal v. Sushil Kumar Agarwal & Anr.
Case Number : IA (IBC) No. 32/2026 in CP (IB) No. 301/Chd/Hry/2024
CITATION : 2026 LLBiz NCLT (CHA) 962
The National Company Law Tribunal (NCLT), at Chandigarh on 10 September held that a family relationship or strained relations between parties, by themselves, cannot establish that insolvency proceedings were initiated fraudulently or maliciously under Section 65(1) of the Insolvency and Bankruptcy Code, 2016 (IBC).
Case Title : Anju Maurya & Ors. v. Koras Pin Savings Financial Services Nidhi Limited
Case Number : CP (IB) No. 17/ALD/2024
CITATION : 2026 LLBiz NCLT (ALL) 966
The National Company Law Tribunal (NCLT) at Allahabad has ruled that a corporate debtor cannot rely solely on an automatic-renewal clause in deposit certificates to claim that matured deposits were not payable. It must produce material showing that the deposits were actually renewed in accordance with the terms of the certificates.
NCLT Allahabad Holds Simultaneous CIRP And MSEFC Proceedings Amount To Forum Shopping
Case Title : R N BUILDCON Vs OCEAN INFRAHEIGHT PVT. LTD.
Case Number : CP (IB) NO.7/ALD/2023
CITATION : 2026 LLBiz NCLT (ALL) 970
The Allahabad bench of the National Company Law Tribunal (NCLT) has held that pursuing insolvency proceedings while simultaneously seeking recovery of the same claim before the Micro and Small Enterprises Facilitation Council (MSEFC) amounted to “forum shopping”. The tribunal made the observation while dismissing R N Buildcon's insolvency plea against Ocean Infraheight Pvt. Ltd.
NCLT Delhi Rejects Impresario's Insolvency Plea Against Colorbar Over Pre-Existing Dispute
Case Title : Impresario Vs Colorbar Cosmetics Private Limited
Case Number : C.P. (IB) 319/ND/2026
CITATION : 2026 LLBiz NCLT (DEL) 971
The Delhi bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency application filed by Impresario against Colorbar Cosmetics Pvt. Ltd., holding that a substantial pre-existing dispute between the parties barred initiation of the Corporate Insolvency Resolution Process (CIRP).
Case Title : Eldeco Infrastructure and Properties Limited Vs NPV Insolvency Professionals Pvt. Ltd
Case Number : IA/1595(AHM)2026 in C.P.(IB)/483(AHM)2025
CITATION : 2026 LLBiz NCLT (AHM) 973
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has refused to direct the Resolution Professional (RP) of Blu-Smart Charge Pvt. Ltd. to remove the company's assets from the licensed premises or hand over possession to Eldeco Infrastructure and Properties Limited.